[Form 4] UWM Holdings Corporation Insider Trading Activity

Rhea-AI Filing Summary

UWM Holdings (UWMC) Form 4: CEO, President and 10 % owner Mat Ishbia, acting through affiliate SFS Corp, disclosed two open-market sales of Class A common shares executed under a Rule 10b5-1 plan adopted 17 Mar 2025.

• 18 Jul 2025: 400,036 shares sold at a weighted-average $4.20 (range $4.15–$4.24).
• 21 Jul 2025: 400,036 shares sold at a weighted-average $4.40 (range $4.25–$4.48).

Total disposition: 800,072 shares, ≈17.8 % of the 4.50 million shares SFS held before the first sale. Post-sale indirect ownership stands at 3,699,172 shares; Ishbia also directly owns 279,989 shares.

The filing lists 180,737 unvested RSUs, convertible 1-for-1, that vest 1 Mar 2026. No derivative exercises were reported.

The transactions reduce but do not eliminate Ishbia’s exposure, yet sizable insider selling by the top executive may weigh on investor sentiment.

Positive

• Sales executed under a pre-established 10b5-1 plan, lowering risk of opportunistic trading allegations.
• CEO retains a substantial stake of 3.7 m shares plus 280 k direct shares and 180 k RSUs, maintaining alignment with shareholders.
• Full disclosure of price ranges and remaining holdings supports transparency and governance best practices.

Negative

• 800,072 shares sold in two days represents nearly 18 % of prior indirect holdings, a sizable reduction.
• Insider sales by the CEO/10 % owner can be interpreted as reduced confidence and may create share-price overhang.

Insights

Equity Analyst

TL;DR: CEO sold 800k shares (~18 %), still holds 3.7 m; sale under 10b5-1, sentiment mildly negative.

Mat Ishbia’s divestiture is material given his position and the absolute size of the trades. Although executed under a pre-arranged plan, disposing nearly one-fifth of his indirect holdings in two sessions is likely to be interpreted as reduced near-term confidence. Post-sale ownership remains significant, preserving alignment, and RSUs add a future stake, partially mitigating concerns. Nonetheless, the quick succession of sales at only ~4 $ per share, well below the de-SPAC price, creates an overhang and could pressure the stock.

Corporate Governance Expert

TL;DR: Pre-planned sales comply with Rule 10b5-1; governance clean, market perception still cautious.

The use of a 10b5-1 plan limits allegations of opportunistic trading and reflects sound governance practice. Disclosure includes weighted-average pricing and confirms Ishbia’s ongoing >10 % ownership, satisfying transparency standards. However, investors often view concentrated executive selling as a negative signal regardless of compliance. Overall impact: modestly adverse to sentiment but not indicative of operational issues.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Mat Ishbia

(Last) (First) (Middle)

C/O UWM HOLDINGS CORPORATION

585 SOUTH BLVD E

(Street)

PONTIAC MI 48341

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UWM Holdings Corp [ UWMC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/18/2025		S		400,036(1)	D	$4.2(2)	4,099,208	I	See Footnote(3)
Class A Common Stock	07/21/2025		S		400,036(1)	D	$4.4(4)	3,699,172	I	See Footnote(3)
Class A Common Stock								279,989	D(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(6)							(7)	(7)	Class A Common Stock	180,737		180,737	D

1. Name and Address of Reporting Person^*

Mat Ishbia

(Last) (First) (Middle)

C/O UWM HOLDINGS CORPORATION

585 SOUTH BLVD E

(Street)

PONTIAC MI 48341

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

1. Name and Address of Reporting Person^*

SFS HOLDING CORP

(Last) (First) (Middle)

C/O UWM HOLDINGS CORPORATION

585 SOUTH BLVD E

(Street)

PONTIAC MI 48341

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025.

2. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.15 to $4.24 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.

3. These securities are held directly by SFS Corp, a 10% holder of the Issuer, and indirectly by Mat Ishbia. Mat Ishbia is the Chief Executive Officer and sole director of SFS Corp and serves as the investment advisor to the trust that owns the voting securities of SFS Corp, and therefore exercises all voting and dispositive power of the securities held by SFS Corp. In addition, trusts for the benefit of Mat Ishbia and his immediate family are shareholders of SFS Corp. By virtue of its relationship with Mat Ishbia, a director and the CEO of the Issuer, SFS Corp may be deemed to be a director by deputization.

4. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.25 to $4.48 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.

5. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.

6. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.

7. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.

Remarks:

	/s/ Mat Ishbia	07/21/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many UWMC shares did CEO Mat Ishbia sell?

He sold 800,072 Class A shares (400,036 on 18-Jul-25 and 400,036 on 21-Jul-25).

What prices were the UWMC insider sales executed at?

Weighted-average prices were $4.20 (range $4.15–$4.24) and $4.40 (range $4.25–$4.48).

How many UWMC shares does Mat Ishbia still own after the transactions?

Indirectly 3,699,172 via SFS Corp plus 279,989 direct shares, excluding 180,737 unvested RSUs.

Were the UWMC insider sales part of a 10b5-1 plan?

Yes, the trades were executed under a Rule 10b5-1 plan adopted on 17 Mar 2025.

Do the reported RSUs affect the current share count?

No, the 180,737 RSUs vest on 1-Mar-2026 and convert to Class A shares on a 1-for-1 basis upon vesting.